Section 15(2) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(2)Until the Board of Directors of an existing bank is duly constituted by it, the continuing directors shall be deemed to constitute its Board of Directors or the continuing Board, as the case be, may transact all or any of the following business, namely : -(a)registration of the transfer or transmission of shares ;(b)arriving at an agreement about the amount of compensation payable under this Act or appearing before the Tribunal for obtaining a determination as to the amount of compensation ;(c)distribution to each share holder of the amount of compensation received b it under this Act for the acquisition of its undertaking ;(d)carrying on the business of banking in any country outside India if under the law in force in that country any bank, owned or controlled by Government, is prohibited from carrying on the business of banking there ;(e)carrying on any business other than the business of banking.
